Question

a certain sum of money at compound interest becomes rupees 7396 in 2 years and rupees 7950.70 in 3 years find the rate of interest​

Answer 1

ANSWER :

₹ 6400

SOLUTION :

Amount in 3 years = ₹ 7950.70

Amount in 2 years = ₹ 7396.00

Interest for 3rd year = Amount in 3 years - Amount in 2 years

SO,

Interest for 3rd year = 7950.70 - 7396.00

= 554.70

Principal for 3rd year = 7396

Time = 1 year

Rate = (Interest × 100)/Principal × Time

= 554.70 × 100/7396 ×1

= 55470 × 7396

Rate = 7.5%

LET SUM OF MONEY = x

Amount = 7396

Time = 2 years

THEN,

AMOUNT = Principal (1 + R / 100)^T

7396 = x ( 1 + 7.5 / 100)^2

x = ₹ 7396/(43/40)^2

x = ₹ 7,396×40×40÷43÷43

x = ₹ 6400

SO, THE ANSWER IS ₹ 6400.

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